X0306 4 2019-10-01 0 0001048268 IES Holdings, Inc. IESC 0001408176 Gendell David B. 5433 WESTHEIMER, SUITE 500 HOUSTON TX 77056 1 0 0 0 Common Stock 2019-10-01 4 A 0 880 0.00 A 129186 D Represents Phantom Stock Units ("PSUs") granted pursuant to the IES Holdings, Inc. ("IES") 2006 Equity Incentive Plan as amended and restated through February 2016 (the "Equity Incentive Plan") upon Mr. Gendell electing to receive PSUs in lieu of common stock or cash for that portion of his retainer. Each unit converts to one share of IES common stock when either (i) Mr. Gendell leaves the board of directors for any reason or (ii) upon a change of control as defined in the Equity Incentive Plan. /s/ Tracy A. McLauchlin, Attorney-in-Fact 2019-10-03